Press Release: 16 May 2017
In the largest private equity deal in the logistics space, the Canadian pension fund manager, Canada Pension Plan Investment Board (CPPIB) and IndoSpace have entered into a three-step deal, which would entail an investment of $500 million. The two entities will set up a joint venture called ‘IndoSpace Core’ to develop logistics facilities in the country.
The JV will acquire 13 industrial and logistics parks totaling about 14 million sq. ft., from current IndoSpace development funds. The assets are located in the top industrial and logistics hubs in India, including Chennai, Pune, Mumbai, Delhi and Bengaluru. The joint venture will acquire the first nine facilities totaling approximately 9 million sq.ft., at closing, and the additional facilities within 24 months.
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